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Mortgage Lending reviews in Stanwood

Real People ~ Real Reviews ~ Real Results

  • First off let me start by saying that prior to this expereince I had been a long time Wells Fargo customer.   All my personal banking accounts, my wife?s accounts, and her son?s accounts were held with Wells Fargo.  My current home loan, which I have refinanced twice, had all been done through Wells Fargo.   I had been a loyal customer and was quite happy with the service that had been provided and had no hesitation in bringing my newest home loan business to Wells Fargo.  After this "transaction" I would have 2 loans with this company.
    When my wife and I first started working with Brandon Williams (our mortgage broker) we were quite satisfied.  He took time to review our situation and we felt confident in the information we were given by him.  The situation I refer to is that my wife was a new grad from nursing school at the time and she had not completed her license boards and was currently in the job hunt.   So there was a possibility that it would be solely my income being considered for the loan.  All things considered we were given a pre-approval letter for $375,000 which we later increased to $410,000 for the purposes of purchasing the home we were under contract for.  At this point we had currently had submitted our loan application and were still left with the impression that we were not underfinanced for our home purchase.  We had been keeping Brandon abreast of my wife's job situation throughout this entire time and at this point she had no luck in here job search.  We had even suggested that we should exclude my wife from the loan and ask one of our parents to co-sign but again assurances by him that we would ?make it work? with the two of us as is.
    Brandon then had a 2 week vacation planned to which he assured us would not impact our loan processing and that all the necessary work could be done in the 3 weeks we had until our close date upon his return.  Let me also state that the loan we chose was an FHA loan, on a foreclosed property, there were escrow instructions, penalties for us and our agent for a late close and the seller was an out of state bank.   All of which Brandon was of course aware of.
    Upon his return from his vacation, Brandon called my wife and informed her that were nowhere close to being able to finance the amount we needed for our home and that we needed to ?figure something out?.   Let me mention again that we had suggested
    needing a co-signer earlier in the process but were left with the impression that as long as certain conditions were met (i.e. having our current home rented, with a lease and first and last month?s rent, which we were able to do)  I would qualify on my own without my wife having an income.
    We then scrambled to get my parents put on the loan as co-signers and once Brandon had all of their information is where the wheels really started to fall off.  At this point we were a little over a week from close and we were forced to go to the sellers
    for a closing extension.  Thankfully there had been other delays on their side and a 2 week extension was granted without penalty to us.
    On 9/26 my wife called Brandon to get an update as to where our loan was and get assurances that we were going to meet our new close date.  During this conversation Brandon became GROSSLY unprofessional with my wife, implying that we were inundating him with e-mail and phone calls and that we needed to leave him alone to do his job. He also implied that meeting our new closing date wouldn?t be possible saying that it would be a minimum of 3 to 4 weeks more.   Let me assure any readers this was not our first experience with home loans, this was our second home purchase with 2 re-financings in between.  I am quite familiar with the process and we were FAR from inundating him with calls and e-mails.  We simply wanted an update on
    our loan and have confidence that our new closing date would be met being that, we were his customers after all.  My wife and I had also seen numerous references to Wells Fargo?s ?Quick Close Guarantee? which seems to be no better than the paper or web page it?s printed on.
    Extremely bothered by Brandon?s attitude, we proceeded to contact his manager Mikhail Burdeen to make him aware of our issues and Brandon?s poor customer service.  I reviewed the day?s earlier happenings with Mikhail and he assured us he would talk to Brandon about keeping us up to date on our loan process and he would follow our loan internally to make sure it progressed smoothly.  I also told Mikhail that I felt Brandon owed my wife an apology for the way he spoke to her. He proceeded to defend Brandon saying that he was a professional and that it must have been a "miscommunication".  I told him there was no miscommunication about Brandon?s conversation with my wife to which he replied he would ?talk to him? about it.  My wife never received any apology what so ever from Brandon.
    On 9/29 I was contacted by Todd, a recorder in the underwriting department, asking for more documentation from me.  During this conversation he mentioned that my wife had been taken off the loan due to her school loan debt and having no income (up to this point she had been on the loan even with my parents co-signing).  This came as a surprise to me as it was the first I was hearing of it and even Todd was surprised Brandon hadn?t been in contact with us about this. Now while I understand necessity of doing this I am more than a little upset by the fact that Brandon didn?t contact us to tell us it was being done.  Part of this is due to the fact
    that my wife had verbal confirmation of employment but no offer letter yet.  If we had been called and informed of this change, we would have shared this information and had the opportunity to keep my wife on the loan and take my parents off as co-signers.  We were told we could do this still but it will only delay our loan further.
    On 10/5 I made contact with Mikhail again, to try and get an update on the loan as Brandon had not been in contact with us in any way since 9/27.  Was told by Mikhail ?I will call you back in 5 minutes?, he never returned my call.
    On 10/6 I called Mikhail again and again was told he would call back in 5.  An hour later he called.  I AGAIN inform him of Brandon?s lack of communication and the fact that I have no idea of what is going on with my own loan.  I also said I had grave
    concerns we were nowhere close to being ready for closing (6 business days away)  I postulated about how much money
    I needed to have in home loans with their company before I could get 5 minutes of Brandon?s time for an update.  He said he would ?get and update for me? and get back to me.  He called back, said we would have an answer from underwriting by noon tomorrow and that Brandon would call that night or the following day and update us on what is going on.
    The next day I did not get my update and finally called Mikhail and left an admittedly angry message reminding him he owed me an update and that I still hadn?t heard from Brandon (I was extremely frustrated at this point).   He did call back and didn?t have an answer as to when our loan would close. Brandon did however call later with an update and informed us we would not meet our close date and that the loan would be out of underwriting on at the end of the week.  As I mentioned before, our loan has escrow instructions. One of those instructions is that the loan be at escrow 5 business days before close, also that funding must be received for the loan 1 business day before close.  Neither of those conditions were going to be met. Our real estate agent had reminded Brandon of this several times and when last reminded of this by our agent, Brandon?s response was ?we don?t adhere to that, we have our own process?.
    Our loan eventually closed, not on time, but fortunately without penalty to us.  I have since pulled all of my accounts with Wells Fargo and will NEVER do business with this banking institution in the future.
     
     


    - Chris F.
  • I don't like their bank cards, they don't always work where they should. Their visa debit card does not always work But, their mortgage services is wonderful. Not only did they give me a bonus, but they set me up with a very good real estate agent.
    - Cheryl E.
  • They were fine and did a great job. I would recommend them to others.
    - Lori B.
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Mortgage Brokers in Stanwood

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